Around the World's Markets: SAN PAULO

THE BENCHMARK index closed at a two-year high after Standard & Poor's endorsed Brazil's economy, revising its outlook from negative to stable. The index closed 1.7 per cent up at 13,101, the first closing above 13,000 since October 1997.

The Bovespa is within 1,000 points of its all-time high of 14,005 in July 1997. After Brazil's shock mid-January devaluation the market has recovered steadily, along with the economy. The Bovespa is up 93 per cent this year and 12 per cent up in November.